Katie Martin, Robert Armstrong and other markets nerds at the Financial Times explain the big ideas behind what’s happening in finance right now. Every Tuesday and Thursday.
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Mature economies such as France, the UK and the US are spending more than they take in. They make up the rest in borrowing. But how long can that last? Today on the show, Katie Martin speaks with Ian Smith, the FT’s senior markets correspondent, about the UK’s latest Budget and bond sales, and what it means for governments around the globe. Also they go long chocolate and short cats. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer . You can email Robert...
Short interest in the market is rising. But what are the big players betting against? And what can investors learn from it? Today on the show, Katie Martin joins the editor of the FT’s Alphaville newsletter Robin Wigglesworth to discuss high finance’s low expectations. Also they go short Bloom Energy and short the crypto bros. To sign up for free to the new FT Alphaville newsletter on substack, go to ftav.substack.com . For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com...
In the morning, Nvidia’s earnings report seemed to have cured the market of its jitters about an artificial intelligence bubble. And then it didn’t. Today on the show, Katie Martin and Rob Armstrong try to figure out if the chipmaker’s numbers are soothing or scary. Also they go long a proposed stimulus cheque and short handbag investment funds. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer . You can email Robert Armstrong and Katie Martin at unhedged...
The battle between Novo Nordisk and Pfizer to acquire Metsera is over. But is this merger a sign of strength or weakness for the industry? Today on the show, Rob Armstrong talks with US finance editor James Fontanella-Khan about the pressures on drug companies from Washington and the market. Also they go long Nasdaq and short Nasdaq. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer . You can email Robert Armstrong and Katie Martin at unhedged@ft.com . Re...
Companies such as Procter & Gamble and Chipotle say lower-income customers are spending less, while upper-income customers keep splurging. But data from the Federal Reserve and others suggests incomes – and the differences between them – have remained steady. Today on the show, Katie Martin and Rob Armstrong try to understand why and if consumer behaviour is changing. Also, they go long passive investing and short banks checking their own employees’ bank balances. For a free 30-day trial to ...
Today’s show is a live recording from the Kilkenomics Festival in Kilkenny, Ireland. Katie Martin hosts a panel with guests David McWilliams, founder of the festival, and Mark Blyth, professor of political economics at Brown University. From the Home Rule Club in Kilkenny, they ask if the US is starting to behave like an emerging market. Also, they go long sterling and short futuristic cities in the sand. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer ...
With the government shut down, US investors are looking for data in different places. Today on the show, Katie Martin and Rob Armstrong discuss home brewed data, and try to figure out what’s really going on in the US economy. Also they go short flying taxis and the UK defaulting. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer . You can email Robert Armstrong and Katie Martin at unhedged@ft.com . Read a transcript of this episode on FT.com Hosted on Aca...
Tech companies are spending historic amounts of money on computing power and data centres. Today on the show, Rob Armstrong and Katie Martin talk to Lex editor John Foley to try to understand the computing arms race. Also they go long M&A, short free buses, and long cleanfluencers. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer . You can email Robert Armstrong and Katie Martin at unhedged@ft.com . Read a transcript of this episode on FT.com Hosted ...
How does populism affect the long-term health of economies? And is there a difference in outcomes between the extreme politics of the left and the right? Today on the show, Rob Armstrong and the FT’s chief economics commentator Martin Wolf discuss an extensive study on populism and economics. Also, they go long China and short tech companies with no profits. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer . You can email Robert Armstrong and Katie Marti...
US Treasury secretary Scott Bessent has one of the hardest jobs in recent history. He has to implement bizarre economic strategies and keep rational market players calm. Today on the show, Rob Armstrong and Katie Martin discuss Bessent’s balancing act. Also they go long depreciation expense and short predictions about gold. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer . You can email Robert Armstrong and Katie Martin at unhedged@ft.com . Read a trans...
It won’t be easy, and you’ll think it’s strange, when we try to explain … why US Treasury secretary Scott Bessent is suddenly reversing all current US policy and proposing to send billions of dollars to Argentina. Today on the show, Katie Martin, Rob Armstrong and the FT’s Latin America editor Michael Stott discuss Javier Milei’s cry for help. Also they go long renaissance composer Palestrina and professional wrestling. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com...
Sanae Takaichi is the first female prime minister of Japan. She also claims Margaret Thatcher as a role model. Today on the show, Katie Martin and the FT’s Tokyo bureau chief Leo Lewis discuss this historic election and what it might mean for markets in Japan and globally. Also, they go long shorts – for real this time. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer . You can email Robert Armstrong and Katie Martin at unhedged@ft.com . Read a transcrip...
China’s announcement that it would be restricting the export of rare earths put markets into a tailspin on Friday. Today on the show, Rob Armstrong, Katie Martin and new Unhedged reporter Hakyung Kim ask if this is the card that will make Donald Trump fold? Also they go long Strava, and short protein. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer . You can email Robert Armstrong and Katie Martin at unhedged@ft.com . Read a transcript of this episode o...
On November 26, parliament will make the UK an offer it can’t refuse: The 2026 Budget. But the UK can complain about it! And likely will, as it will almost certainly include increased taxes on the middle class. Today on the show, Katie Martin and the FT’s economics commentator Chris Giles discuss Labour’s big problem: social services are expensive. Also they short the IMF and go long people who say they’re moving to Dubai actually moving to Dubai. For a free 30-day trial to the Unhedged newslett...
Is AI making everybody richer? Or just more entangled in each others’ business? Today on the show, Rob Armstrong and Lex editor John Foley try to untangle the growing web of companies investing in each other. Also they go long steak and long cocoa. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer . You can email Robert Armstrong and Katie Martin at unhedged@ft.com . Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for mo...
Introducing Toxic Legacy, a new season of Untold from the Financial Times. Host Laura Hughes uncovers a lead poisoning epidemic across the UK. You might be living with lead and not know it: the toxin is often invisible to the human eye, but wreaks havoc on our bodies once we’re exposed. The first episode of Untold: Toxic Legacy launches October 22. Listen on Apple Podcasts , Spotify , Pocket Casts or wherever you get your podcasts. For information on how to live safely with lead, please visit th...
Gold keeps hitting all-time highs, and no sober talk about speculation or productivity has stopped it. Today on the show, Rob Armstrong and Katie Martin take stock of the frenzy. Also they go short the yen and long Japanese stocks. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer . You can email Robert Armstrong and Katie Martin at unhedged@ft.com . Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information....
Today on the show, Rob Armstrong and Katie Martin take on three things they’ve been thinking about: the markets' complete lack of worry about a government shutdown, the growing balance sheet problem with artificial intelligence spending, and the rise of shadow banking. Also they short cyber attacks and the fall wave of Covid-19. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer . You can email Robert Armstrong and Katie Martin at unhedged@ft.com . Read a ...
Electronic Arts, a publicly traded company, was just purchased for $55bn by a consortium of investors led by Donald Trump’s son-in-law Jared Kushner. The investors included the Saudis and Silver Lake Partners, one of the smartest players in private equity. Today on the show, Robert Armstrong speaks with US finance editor James Fontanella-Khan and US deals correspondent Oliver Barnes about the dollars behind the deal. Also, they go long and short a new wave of M&A. For a free 30-day trial to ...
First Brands Group, a roll-up of car parts manufacturers, is preparing a bankruptcy filing after amassing as much as $10bn in debt. And last week, Tricolor, a subprime auto loan lender, ran into trouble. Today on the show, Rob Armstrong and Katie Martin ask if we are at a turning point in credit markets. Also they go long collective nouns for groups of canaries. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer . You can email Robert Armstrong and Katie M...
The dollar is down almost 10 per cent since the beginning of the year. Yes, it has fallen from a very strong position, but the drop might also reflect growing international unease about the direction of American institutions of government. Today on the show, Rob Armstrong and Katie Martin discuss the weakening of the dollar, and how traders are betting on it. Also, they go short not having joined a hedge fund and short a cup of matcha. For a free 30-day trial to the Unhedged newsletter go to: ht...
This week, President Donald Trump suggested that companies only report earnings twice a year. This would be a significant change to how markets in the US operate. Today on the show, Rob Armstrong and Katie Martin ask, is it a good idea? Also, they go short smart glasses and long empty nesting. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer . You can email Robert Armstrong and Katie Martin at unhedged@ft.com . Read a transcript of this episode on FT.com...
Unhedged delves into the current predicament of the private equity industry, where firms face challenges in selling their portfolio companies due to high interest rates, a sluggish IPO market, and inflated valuation expectations. The discussion highlights the rise of "continuation funds" and firms selling assets to themselves, raising questions about transparency and actual returns. The episode also critically examines the industry's historical performance drivers, recent investment mistakes, and the controversial push to involve retail investors.
The annual jobs numbers are in. And they have been revised down by 911,000 positions. But in a quickly changing economy, with many laborers literally leaving the country, what does that mean? Today on the show, Rob Armstrong and Aiden Reiter discuss the new landscape of employment in the US, and what it might mean for interest rates. Also they go long a new richest man in the world and long tweed. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer . You ca...
2025 has been a chaotic year, with seemingly random tariffs, the reduction of the labour force, the partial nationalisation of major companies and a looming hostile takeover of the long independent Federal Reserve. Before a live audience at Kenwood House in London, Katie Martin and Rob Armstrong try to understand which markets are responding to all this self-generated chaos, and why. Also they go long champagne and short gold. For a free 30-day trial to the Unhedged newsletter go to: https://www...
Central banks have been around for hundreds of years. But they haven’t always done the same thing. Today on the show, Katie Martin and Rob Armstrong talk to Brendan Greeley, a former FT reporter, about the changing role of the Federal Reserve. Greeley is the author of the forthcoming The Almighty Dollar. Also, they go long internships at XTX and short private credit. Sign up for the FT Weekend Festival at ft.com/festival and use the promo code “FTPodcasts” for 10 per cent off. For a free 30-day ...
Valuations are high. Employment is down. The Federal Reserve is under attack. For many market watchers, this looks a lot like a recipe for disaster. Today on the show, Rob Armstrong and Katie Martin discuss the case for a collapse. Also, they go long the UK and long September. Sign up for the FT Weekend Festival at ft.com/festival and use the promo code “FTPodcasts” for 10 per cent off. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer . You can email Rob...
The Trump administration has again extended its control over the US economy, now taking a 10 per cent stake in the chip manufacturer Intel. Control of the means of production is a foundational tenet of socialism and Marxism, but the Republican party remains silent. Today on the show, Katie Martin and US managing editor Brooke Masters ask, “What the hell?” Sign up for the FT Weekend Festival at ft.com/festival and use the promo code “FTPodcasts” for 10 per cent off. For a free 30-day trial to the...
The annual meeting of central bankers in Jackson Hole, Wyoming, is supposed to be an intellectual retreat. Instead, it was overshadowed by personal and political attacks on US Federal Reserve board member Lisa Cook. Today on the show, Katie Martin talks to US economics editor Claire Jones about her reporting from Jackson Hole and what might happen if the central bank falls under the president’s control. Also, we attempt to go long and short but are interrupted by a fire alarm. For a free 30-day ...
US markets reporter George Steer has been tracking stocks that have soared, then crashed. Some of them might be “pump and dumps”, an old-fashioned style of scam where insiders generate excitement, along with sales of a stock, selling them when the price rises. Today on the show, Katie Martin and Rob Armstrong grill Steer about the schemes. Also, they go long envy and Labubus, and short pepperoni grease. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer . ...
